I’m a very traditional person and I think that you should save a few months’ worths of salary for an engagement ring until you can afford it. In my opinion, your bride-to-be should value that decision more than putting you in debt for an over-expensive engagement ring.
Before I really get into finance bashing, I want to tell you about some of the advantages that come with financing. If you scroll through the comments you will see that most people don’t applaud financing an engagement ring, but there are others that think it’s okay to do.
I saw on television a commercial for 0% financing for rings at one of the local jewelry stores, which is actually a chain known nationally. I thought that it was a little odd. I am a believer that marriage should start out financially stable and not in debt.
Here’s a valid and strong argument about ring financing: If you can secure a 0% interest rate for 12 months, you can pay it off, and realistically, it’s free money, which is completely valid.
Utilizing a great financing offer can help you because you will get more time to save and invest. If you think about it, engagement rings are an investment. Since it’s an investment, you’ll want to give yourself some time to save. Put aside money before you shop and then shop a few months before you want to pop the question. This will ensure that you have time to save and it gives you breathing room between the purchase and proposal. It’s said that most people start to save around 3-6 months before they plan to propose. This helps them be more relaxed and comfortable with their budget.
It’s preferred that cash is used, but it’s not always possible. If you’re considering financing a ring, just make sure you’re getting the best deal possible.
One of the biggest deciding factors when choosing a ring is the budget you set in place. You should set a budget whether individually if it's a surprise or as a couple if it's not. You will then know which rings are a realistic option and which ones aren’t. Make an appointment with a jeweler and see what they have in mind based on your price range. It’s easier to shop for a ring when you know what you can afford to spend.
This ring is going to be one of the most meaningful purchases you will ever make, it will also be one of the most expensive. Don’t stress about how to pay for the engagement ring to the point where you forget what it really means. If you can’t afford to pay for it in its entirety, then just know you have other options.